According to Odaily Planet Daily, QCP Capital pointed out in a recent market analysis report that Bitcoin miners are facing huge selling pressure due to the rise in break-even prices after the halving event. Miners' Bitcoin holdings have fallen to the lowest level in 14 years, and the total reserves have decreased by 50,000 from the beginning of this year. The report also mentioned that the market has also been hit by a large amount of new supply. It is said that the German government has recently sold about 3,000 BTC, and there are 47,000 BTC to be sold.